Sensex Plunges 249 Points Ahead Of Bihar Poll Outcome

05/11/2015 5:25 PM IST
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Updated
15/07/2016 8:25 AM IST

PTI

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Bloomberg via Getty Images

People walk by an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai, India, on Tuesday, Aug. 25, 2015. Indian stocks advanced in volatile trading a day after the benchmark gauge plunged the most in six years, as banks helped counter declines in software exporters. Photographer: Dhiraj Singh/Bloomberg via Getty Images

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MUMBAI -- Markets today slumped for the second consecutive day, with Sensex losing almost 249 points to end at over one-month low of 26,304.20 and the NSE Nifty slipping below 8,000-mark due to continued selling by cautious investors ahead of the Bihar poll outcome.

Besides, the rupee weakened 28 paise against the dollar to 65.77 (intra-day) on sustained capital outflows, which dampened market sentiment.

The benchmarks tracked a mixed closing in Asia and a lower opening in Europe after US Fed Chair Janet Yellen reiterated the possibility of raising interest rates for the first time in almost a decade in December, they added.

Sentiment remained fragile because of caution ahead of Bihar assembly election results as also weaker-than-expected Q2 earnings by some blue-chips.

Exit polls are due later in the day and results will be out on Sunday.

The BSE Sensex after opening a shade higher quickly turned negative and finally settled the day lower 248.72 points, or 0.94 per cent, at 26,304.20 after selling pressure accelerated towards the fag end -- weakest closing since October 1. The gauge had lost 37.67 points in yesterday's choppy session.

Among Sensex constituents, Vedanta Ltd suffered the most by plunging 4.66 per cent while Sun Pharma dived 4.28 per cent after its US-listed subsidiary Taro Pharma reported disappointed earnings.

Tata Steel plunged 4.33 per cent ahead of its quarterly earnings later in the day.

Other losers which contributed to the fall in the key indices were BHEL, Bharti Airtel, GAIL, Cipla and Axis Bank.